MEXEM online broker: Official Review, Pros and Cons 2024

26 April 2023


  • Partner in Europe of Interactive Brokers
  • Quick account opening compared to IBKR
  • Efficient and responsive Help Desk
  • Trading via IBKR web platform or TWS

pros Pros:

  • Fast and paperless account opening
  • Commissions on some markets more convenient than those of IBKR
  • One of the widest access to global products and markets
  • Efficient customer service with a dedicated team

pros Cons:

  • Platforms not suitable for beginners
  • Money transfers only available via bank transfer
  • Limited access to European bond markets
Fees and Costs:
Products and Markets:
Trading platform:
Tax regime:
Ease of use
Overall rating

Reviews and insights: online broker MEXEM

In this review, we have analysed and evaluated the online broker MEXEM Ltd, which has recently made its debut in the European market. This is one of Interactive Brokers' long-standing partners, for whom MEXEM acts as an introducing broker, first operating in Israel, and then expanding over time to 24 other countries (including the UK and Europe).

In a nutshell, MEXEM is authorised by Interactive Brokers (henceforth 'IBKR') to collect new clients on the latter's behalf. More accurately, MEXEM offers traders a hybrid account: the user can benefit from IBKR's product and market offerings, as well as from the state-of-the-art TWS platform.

At the same time, MEXEM offers a type of account with a more streamlined opening, with different commissions and costs than those applied by IBKR (in some cases, as we will see later, very convenient for UK traders) and with a more attentive and responsive Customer Service to the needs of customers.

Through this offer, MEXEM overcomes some problems that have long been a critical point for IBKR: the opening of a new account too cumbersome; high commissions for some markets; inefficient Customer Service.

Those who want to trade with IB in order to take advantage of the brilliant TWS platform and access a large number of products and exchanges will find in MEXEM the best solution for an optimal trading experience.

Visit MEXEM →

(no minimum deposit required)


How safe is it to open an account and trade with MEXEM? MEXEM is an investment firm registered in Cyprus and supervised by CySEC. It is also authorised by the AFM in the Netherlands and the FSMA in Belgium.

However, in order to establish how reliable this broker is, one must look at its partnership with Interactive Brokers. MEXEM, in fact, acts as an introducing broker on behalf of IBKR: this means that anyone who opens an account through MEXEM's website is actually entering into a relationship with the American online broker. From a legal point of view, therefore, the user will enjoy all the protections afforded to Interactive Brokers accounts.

These protections are:

  • Coverage of up to $500,000 per customer is guaranteed by the Securities Investor Protection Corporation (SIPC) for IBKR US and IBKR UK customers. For IBKR IE and IBKR CE accounts, the coverage on liquidity is €20,000 while the positions are all insured.
    In addition to this guarantee, each account is covered by an insurance policy taken out with Lloyd's that indemnifies up to USD 30 million per client. Upon the occurrence of any adverse event at the broker, the broker's clients are protected up to a maximum of USD 30 million.
  • The segregation of clients' assets from those of the broker. Clients' cash and financial instruments are kept separate from the broker's assets. The custody of funds and securities is entrusted to third-party banks with a high credit rating. In the event of a default of the broker, no third party can claim against the clients' assets.
    Just to reinforce the broker's safety and stability, the custodian bank is JP Morgan.

In support of the safety of the MEXEM account, the financial strength of Interactive Brokers should also be emphasised. It is listed on the American Nasdaq exchange (IBKR - US45841N1072), thus all financial statements and financial data are publicly available. Standard & Poor's has assigned IBKR a BBB+ rating with a positive outlook.

Overall, therefore, Interactive Brokers can be described as one of the most reliable and transparent online brokers. By opening an IBKR account through MEXEM, all the safeguards outlined above are preserved, guaranteeing the client the highest standards of safety.

MEXEM account

MEXEM offers only one type of account. In order to access the services and the platform, an online account must first be registered.

Both natural and legal persons can open the account. Natural persons can choose to have the account jointly.

One of the advantages of the MEXEM account over IBKR is the simplicity of opening an account.


» Account opening

We have already mentioned that MEXEM acts as an Introducing Broker for IBKR. Whereas with the latter opening an account is a long and time-consuming process, with MEXEM the whole procedure can be completed in about 10 minutes.

Opening an account takes place entirely online and is paperless. Once you have entered your personal data to complete registration, you must upload:

  • A valid identity document
  • Proof of residence not older than 6 months (a utility bill or bank statement)

The documents are usually approved within 24 hours. If the documents are not suitable, new supplementary documentation will have to be sent. Until the documents are approved, the account will remain inactive.

At this stage, the user is fully supervised by customer service, in order to speed up the account-opening administrative procedures.


» In which currencies can the account be opened?

UK users opening an account with MEXEM will have GBP as the base currency. The base currency can be changed at any time from the settings.

Within the account, it is then possible to activate the Multicurrency service. With Multicurrency you can convert the base currency into 22 other currencies (USD, GBP, CHF, etc.).

The versatility of having a multicurrency account allows the investor full control of their balances and optimisation of the MEXEM account.


» Account Transfer from IBKR to MEXEM

If you already have an active account with Interactive Brokers you can request a migration of the account to MEXEM. This request can be made from the Personal Area of your IBKR account, under "Account Settings" in the menu.

In case of an account transfer from IBKR to MEXEM, you will keep the same account number and login credentials. In this way, you will be able to benefit from the different fees and rely on MEXEM's customer service.

Below are the steps to link the account:

  1. IBKR account management login

  2. Settings → Account Settings

  3. Click at the top on Link my existing account to an Advisor/Broker


  • For IBKR UK:
    First field account number: I2078970
    Second field: MEXEM LTD

  • For IBKR IE (Ireland):
    First field account number: I7078970
    Second field: MEXEM LTD

  • For IBKR CE (Hungary):
    First field account number: I7191921
    Second field: MEXEM LTD


» Deposits/Withdrawals

Both deposits and withdrawals are made via a single method: bank transfer. Before ordering the transfer via your bank, you must log into your personal MEXEM account area and follow the instructions for the transfer of funds.

Deposits take 24-48 hours to be credited, as well as withdrawals are processed within 48 business hours of the request.

When the account is opened, the investor has 3 months to make the first deposit (of any amount): otherwise, the account will be automatically closed for inactivity and a new one will have to be opened from scratch.


» Virtual account

Once the account is activated, in order to trade on the real account the user will have to transfer funds by wire transfer. Alternatively, the user can apply to activate the Paper Trading Account. This is a demo account with virtual money ($1,000,000) through which one can access the platform and simulate trading.

The amount of the Paper Trading Account can be reset to simulate a real trading experience as much as possible.

The demo account is certainly useful to start familiarising yourself with the platform and understanding how it works.

Author of the review:

Alfredo de Cristofaro
Graduated in Economics of Financial Intermediaries, after having worked for several years at one of the main financial brokers in Europe, he decided to make available to investors the knowledge gained over the years. On he's responsible of reviewing the stockbrokers, making sure that the highest standards of safety and transparency are guaranteed.
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